Actions, beliefs and feelings: an experimental study on psychological game theory

Attanasi , Giuseppe
        INRA
        , Toulouse .
         UMR 1081 Economie des Ressources Naturelles; Nagel , Rosemary
        .; Alessandro Innocenti; Patrizia Sbriglia

Actions, beliefs and feelings: an experimental study on psychological game theory

2008

Attanasi , Giuseppe (INRA , Toulouse (France). UMR 1081 Economie des Ressources Naturelles) | Nagel , Rosemary (Universitat Pompeu Fabra(Espagne).) | Alessandro Innocenti | Patrizia Sbriglia

Most economic models assume that agents maximize their expected material payoff. However, subjects in the lab exhibit persistent and signicant deviations from this self-interested maximizing behavior. A reasonable explanation for this behavior is thatplayers can be motivated not only by material (monetary) payoffs but also by what aresometimes referred "psychological" utilities.

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